2020-45 - RCERTIFICATE REGARDING ADOPTION OF RESOLUTION
THE STATE OF TEXAS §
COUNTIES OF COLLIN AND DENTON §
TOWN OF PROSPER §
We, the undersigned officers of the Town, hereby certify as follows:
1. The Town Council of the Town convened in REGULAR MEETING ON THE 12TH DAY OF
MAY, 2020, and the roll was called of the duly constituted officers and members of the Town Council, to -
wit:
Ray Smith, Mayor
Curry Vogelsang, Jr., Mayor Pro-Tem
Jason Dixon, Deputy Mayor Pro-Tem
Craig Andres
Jeff Hodges
Meigs Miller
Marcus E. Ray
Melissa Lee, Town Secretary
and all of said persons were present, except the following absentees: ,
thus constituting a quorum. Whereupon, among other business, the following was transacted at said
Meeting: a written
RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION; AND RESOLVING OTHER MATTERS RELATING TO
THE SUBJECT
was duly introduced for the consideration of the Town Council. It was then duly moved and seconded that
said Resolution be adopted and, after due discussion, said motion, carrying with it the adoption of said
Resolution, prevailed and carried by the following vote:
AYES: All members of the Town Council shown present above voted "Aye," except as shown below:
NOES: 0 ABSTAIN: 0
2. That a true, full and correct copy of the aforesaid Resolution adopted at the Meeting described
in the above and foregoing paragraph is attached to and follows this Certificate; that said Resolution has
been duly recorded in said Town Council's minutes of said Meeting; that the above and foregoing paragraph
is a true, full and correct excerpt from the Town Council's minutes of said Meeting pertaining to the
adoption of said Resolution; that the persons named in the above and foregoing paragraph are the duly
chosen, qualified and acting officers and members of the Town Council as indicated therein; that each of
the officers and members of the Town Council was duly and sufficiently notified officially and personally,
in advance, of the time, place and purpose of the aforesaid Meeting, and that said Resolution would be
introduced and considered for adoption at said Meeting, and each of said officers and members consented,
in advance, to the holding of said Meeting for such purpose, and that said Meeting was open to the public
and public notice of the time, place and purpose of said meeting was given, all as required by Chapter 551,
Texas Government Code, as currently in effect.
3. That the Mayor of the Town has approved and hereby approves the aforesaid Resolution; that the Mayor
and the Town Secretary of the Town have duly signed said Resolution; and that the Mayor and the Town Secretary
of the Town hereby declare that their signing of this Certificate shall constitute the signing of the attached and
following copy of said Resolution for all purposes.
Melissa Lee
Town Secretary
SIGNED this, the 12th day of May, 2020.
of PRO
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Ray Smith
Mayor
RESOLUTION NO.2020-45
DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION; AND RESOLVING OTHER MATTERS
RELATED TO THE SUBJECT
WHEREAS, this Town Council deems it advisable to give notice of intention to issue certificates of
obligation of the Town of Prosper, Texas, as hereinafter provided; and
WHEREAS, it is hereby officially found and determined that the meeting at which this Resolution was
passed, was open to the public and public notice of the time, place, and purpose of said meeting was given, all as
required by Chapter 551, Texas Government Code; Now, Therefore
BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS:
Section 1. Attached hereto is a form of the Notice of Intention to issue Certificates of Obligation (the "Notice"), the
form and substance of which is hereby adopted and approved.
Section 2. The Town Secretary shall cause said notice to be published in substantially the form attached hereto, in
a newspaper, as defined by Subchapter C, Chapter 2051, Texas Government Code, of general circulation
in the area of the Town, once a week for two (2) consecutive weeks, the date of the first publication
thereof to be before the forty-fifth (45th) day before the date tentatively set for the adoption of the
ordinance authorizing the issuance of the Certificates of Obligation as shown in the Notice.
Section 3. The Town Secretary shall cause said notice to be posted in substantially the form attached hereto, on the
Town's internet website for at least forty-five (45) days before the date tentatively set for the adoption of
the ordinance authorizing the issuance of the Certificates of Obligation as shown in the Notice.
Section 4. Attached hereto as Schedule I is a list of outstanding debt obligations of the Town which the Town hereby
designates as self-supporting debt for purposes of Texas Local Government Code, Subchapter C of
Chapter 271, as amended.
Section 5. This Resolution shall become effective immediately upon adoption.
SCHEDULEI
TOWN OF PROSPER, TEXAS
Self -Supporting Debt
The Town designates all or a portion of the following outstanding debt obligations of the Town as self-supporting
debt for purposes of Texas Local Government Code, Subchapter C of Chapter 271, as amended.
1. Town of Prosper, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2012; and
2. Town of Prosper, Texas, Combination Tax and Surplus Revenue Certificates of Obligation, Series 2013; and
3. Town of Prosper, Texas General Obligation Refunding and Improvement Bonds, Series 2014; and
4. Town of Prosper, Texas, Combination Tax and Surplus Revenue Certificates of Obligation, Series 2014; and
5. Town of Prosper, Texas General Obligation Refunding and Improvement Bonds, Series 2015; and
6. Town of Prosper, Texas General Obligation Refunding and Improvement Bonds, Series 2016; and
7. Town of Prosper, Texas, Combination Tax and Surplus Revenue Certificates of Obligation, Series 2016; and
8. Town of Prosper, Texas, Combination Tax and Surplus Revenue Certificates of Obligation, Series 2017; and
9. Town of Prosper, Texas, Combination Tax and Surplus Revenue Certificates of Obligation, Series 2018; and
10. Town of Prosper, Texas, Combination Tax and Surplus Revenue Certificates of Obligation, Series 2019.
1W14:111.1 KIM
TOWN OF PROSPER, TEXAS
NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the Town Council of the Town of Prosper, Texas, at its meeting to commence at
5:45 P.M. on July 14, 2020, at the Town Council Chambers of Prosper Town Hall, 250 W. First Street, Prosper,
Texas, tentatively proposes to authorize the issuance of interest bearing certificates of obligation, in one or more
series, in an amount not to exceed $12,500,000, for paying all or a portion of the Town's contractual obligations
incurred in connection with: (i) constructing, improving, extending, expanding, upgrading and developing
streets and roads and intersections, including utility relocation, landscaping, sidewalks, traffic safety and
operational improvements and the purchase of any necessary right-of-way and other related costs; (ii)
constructing, improving, extending, expanding, upgrading and developing parks and recreation facilities,
including fields, trails, utility relocation, landscaping, sidewalks and operational improvements, installation
of lighting, the purchase of any necessary rights -of -way, drainage and other related costs; and (iii) paying
legal, fiscal, engineering and architectural fees in connection with such projects. The Town proposes to
provide for the payment of such certificates of obligation from the levy and collection of ad valorem taxes
in the Town as provided by law and from a pledge of the surplus revenues of the Town's waterworks and
sewer system (the "System"); that remain after payment of all operation and maintenance expenses thereof,
and after all debt service, reserve and other requirements in connection with all revenue bonds or other
obligations (now or hereafter outstanding) of the Town have been met, to the extent that such obligations
are payable from all or any part of the net revenues of the System.
In accordance with the provisions of Texas Local Government Code, Subchapter C of Chapter 271, as
amended, the following information has been provided by the Town: (i) the principal amount of all
outstanding debt obligations of the Town is $78,371,428; (ii) the current combined principal and interest
required to pay all outstanding debt obligations of the Town on time and in full is $106,901,484 (clauses
(i) and (ii) exclude debt service for $38,593,581 in principal amount of outstanding debt obligations the
Town has designated as self-supporting and which the Town reasonably expects to pay from revenue
sources other than ad valorem taxes; provided, however, that in the event such self-supporting revenue
sources are insufficient to pay debt service, the Town is obligated to levy ad valorem taxes to pay such
debt obligations); (iii) the maximum principal amount of the certificates of obligation to be authorized is
$12,500,000; (iv) the estimated combined principal and interest required to pay the certificates of obligation
to be authorized on time and in full is $19,025,000; (v) the maximum interest rate for the certificates may
not exceed the maximum legal interest rate; and (vi) the maximum maturity date of the certificates of
obligation to be authorized is August 15, 2040.
TOWN OF PROSPER, TEXAS